TELSTRA DOUBLE BOTTOM EMA BULL CROSS?

Hello Traders,

Another chart worth having a look – Telstra Corporation Limited ASX

Points to consider
- Monthly double bottom
- EMA’s turning bullish
- Broke resistance, turned potential support
- Stochs testing upwards region
- RSI Testing upper level resistance

TELSTRA is looking quite similar to previous price action before a 92% rise in value!

We can confirm that price has put in a monthly double bottom which is quite bullish; price was also able to break multiyear resistance with strong bull volume. We need to see bulls retest this resistance and confirm as support before we see another leg upwards.

The EMA’s are close to turning bullish at current given time, this will be confirmed by more bull volume and a retest of the now potential support.

There are sparkling similarities between the previous rise in TELSTRA to where is it currently. We need to see the stochastics hold upper region in the highlighted box. Also the RSI needs to break local resistance and hold upper regions to support bullish price action.

The VPVR shows decreasing levels of transactions from this current point, we can use this knowledge to dictate to probability of price being able to reach local resistances.

The next couple months will be interesting for TELSTRA is the bullish EMA cross and Double Bottoms holds true, we may be in for a bull trend if the probabilities hold true…

What are your thoughts on TELSTRA, will it confirm support or break down bearish from this point onwards?

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And remember

“All the math you need in the stock market you get in the fourth grade.” -Peter Lynch